Business
Atea Pharmaceuticals Reports Full Year 2020 Financial Results and Provides Corporate Update
– Rapid advancement of AT-527 for COVID-19 – – Strategic collaboration with Roche to develop and commercialize AT-527 for COVID-19 – – Initiation of Phase 1a
About this update from Atea Pharmaceuticals, Inc.
[{"type":"text","content":"– Rapid advancement of AT-527 for COVID-19 – – Strategic collaboration with Roche to develop and commercialize AT-527 for COVID-19 – – Initiation of Phase 1a trial of AT-752 for dengue fever – – Crossover financing and IPO – BOSTON, March 30, 2021 (GLOBE NEWSWIRE) -- Atea Pharmaceuticals, Inc. (Nasdaq: AVIR) (“Atea”), a clinical-stage biopharmaceutical company, today reported financial results for the year ended December 31, 2020 and provided a corporate update. “For Atea, 2020 was a transformational year that placed our direct acting antiviral platform at the forefront of the fight against COVID-19. Not only did we act quickly to advance our lead product candidate AT-527 in response to the global pandemic, but we also signed a strategic partnership agreement with Roche, effected a significant crossover financing, and became a publicly traded company,” said Jean-Pierre Sommadossi, Ph.D., Chief Executive Officer and Founder of Atea Pharmaceuticals. “With Roche, which has unparalleled global capabilities in antiviral development and commercialization, we have been able to accelerate the late-stage development of AT-527. With the upcoming initiation of the global Phase 3 program, we are one step closer to achieving our goal of providing an easily administered and widely generalizable, oral, direct-acting antiviral to assist in the fight against this global pandemic.” “Looking ahead, during the second quarter of 2021, in addition to starting the Phase 3 clinical trial of AT-527 for the treatment of outpatients with mild or moderate COVID-19, we expect to report interim virology data from two ongoing Phase 2 trials of AT-527. We also have recently made significant progress in further understanding AT-527’s unique mechanism of action. Our work has elucidated for the first time the impairment of the NiRAN domain, a critical part of the viral RNA polymerase complex, which is essential for the transcription and replication of SARS-CoV-2. Given this preferential conserved target site, we believe that AT-527 will maintain its antiviral activity even in the presence of naturally-evolving variants which are now emerging,” said Dr. Sommadossi. “We entered 2021 in a strong position to advance our strategy, as we’ve built an experienced and talented leadership team, and we are well-funded to support the important work of bringing oral antiviral...